Here are five things you need to know for Tuesday, December 22:
1. – The stock’s futures falter after Congress approved the aid bill
Futures rose on Tuesday as investors watched a $ 900 billion pandemic aid package go through Congress and instead focused on the emergence of a new variant of coronavirus in the UK, which fears Wall Street could spread and lead to new restrictions. on business.
Dow Jones industrial average contracts rose 13 points, S&P 500 futures rose 8 points and Nasdaq futures rose 58 points.
The mutant virus strain has led many European nations to ban flights to and from the UK. British Prime Minister Boris Johnson has put London and the south-east of England in a complete blockade.
“Investors seem to be more cautious … becoming more selective and probably waiting for the new mutant virus to be better understood before aggressively throwing itself back into airlines, travel and vacations,” said Stephen Innes. , global market strategist a taxi.
Recently implemented blockades and other efforts to control the spread of the variety of virus strains have affected any optimism about the $ 900 billion stimulus package that Congress adopted late Monday.
The House and Senate voted to approve the aid package as part of a massive spending bill at the end of the year.
The White House has said President Donald Trump will sign the legislation.
The pandemic reduction bill includes additional $ 300 a week in unemployment benefits through March and a $ 600 direct payment for most Americans starting next week.
2. – Apple is reportedly aiming for 2024 for “iCar”
Apple (AAPL) – Get the report aimed at 2024 to build a passenger vehicle with both automatic driving technology and the technology giant’s battery technology, Reuters reported.
Citing people familiar with the matter, Reuters reported that Apple’s “Project Titan,” which began developing a vehicle in 2014, has progressed to the point where the company will focus on building a consumer car.
According to the report, Apple is focusing on a new design that sources said could “radically” reduce the cost of batteries and increase the autonomy of the vehicle, according to a person who saw the design of the Apple battery.
But pandemic delays could push production to a start by 2025 or later, the report said.
Apple rose in premarket trading by 2.58% to $ 131.54. Tesla shares (TSLA) – Get the report fell Monday after the Reuters report was released, but rose nearly 1% in premarket trading.
Apple is a holding in Jim Cramer’s PLUS club member action alerts. Do you want to be alerted before Jim Cramer buys or sells the stock? Learn more now.
3. – Tesla Falls in the debut of the S&P 500
Speaking of Tesla, the actions of the electric vehicle manufacturer no. 1 in the world ended its first trading day as part of the S&P 500 in red.
Tesla fell 6.49% to close on Monday at $ 649.86. The company, the most valuable company ever added to the S&P 500, closed at an all-time high of $ 695 on Friday as demand for indexed funds brought shares to a record high.
But it emerged Monday that investors were pulling out of Tesla after it was added to the index. The Wall Street Journal reported that Tesla’s slide on Monday accounted for more than a quarter of the S&P 500’s 0.4% drop.
It was the weakest stock in the S&P 500 on the first day of the index, according to data from Dow Jones.
Tesla is number 1 on TheStreet
Despite Monday’s declines, Tesla shares gained 677% in 2020.
In premarket trading on Tuesday, Tesla rose 0.67% to $ 654.23.
4. – Tuesday’s calendar: GDP, consumer confidence
Tuesday’s economic calendar includes the last reading for third-quarter gross domestic product at 8:30 AM ET, consumer confidence for December at 10 a.m. and existing home sales for November at 10 a.m.
Income reports are expected on Tuesday from CarMax (KMX) – Get the report and Cintas (CTAS) – Get the report.
5. – Ripple says he’s facing the SEC suit over the XRP cryptocurrency
Ripple Labs said it is facing a Securities and Exchange Commission lawsuit over its affiliate symbol, XRP.
The SEC has “inexplicably decided to sue Ripple,” CEO Brad Garlinghouse said in an email to Bloomberg.
He did not specify the exact nature of the process, but stated that XRP is a currency and “should not be registered as an investment contract”.
“The SEC has allowed XRP to operate as a currency for more than eight years,” he told Bloomberg. Garlinghouse said Ripple will challenge the lawsuit “to get clear rules for the entire US industry”
XRP fell by up to 13%, reaching its lowest level in about a week. XRP is the largest cryptocurrency after Bitcoin and Ether.